“We are pleased to begin 2015 on the back of a positive end to last year, having achieved the Company’s record daily production and crude oil export sales rates from the Shaikan field.

2014 was not without its challenges for the Kurdistan Region and we are proud of what has been achieved against this backdrop, in particular a nearly 300% increase in Shaikan production and export sales since January 2014.

Our immediate focus is to ensure a stable daily production rate of 40,000 gross barrels of oil per day, which is a base for future production growth, whilst maintaining a regular payment cycle for Shaikan export oil sales by truck and to finalise a pipeline access solution for Shaikan.”

Shares on the company were down more than 5 percent on Monday morning.